Progyny (NASDAQ:PGNY) Downgraded by JMP Securities to “Market Perform”

JMP Securities cut shares of Progyny (NASDAQ:PGNY) from an outperform rating to a market perform rating in a research report sent to investors on Thursday morning, MarketBeat Ratings reports.

Several other brokerages also recently weighed in on PGNY. Cantor Fitzgerald reaffirmed an overweight rating and issued a $37.00 target price on shares of Progyny in a report on Tuesday, August 20th. Canaccord Genuity Group reiterated a hold rating and set a $24.00 target price (down previously from $37.00) on shares of Progyny in a research report on Wednesday, August 7th. Leerink Partners downgraded Progyny from an outperform rating to a market perform rating and cut their target price for the stock from $31.00 to $25.00 in a research note on Wednesday, August 7th. Truist Financial decreased their price target on Progyny from $37.00 to $33.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Finally, BTIG Research cut Progyny from a buy rating to a neutral rating in a research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $27.73.

Progyny Stock Up 1.0 %

Shares of PGNY stock opened at $16.62 on Thursday. Progyny has a 52-week low of $13.93 and a 52-week high of $42.08. The stock’s 50-day moving average price is $24.08 and its 200 day moving average price is $28.57. The stock has a market capitalization of $1.50 billion, a PE ratio of 27.25, a price-to-earnings-growth ratio of 1.97 and a beta of 1.45.

Progyny (NASDAQ:PGNY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Progyny had a return on equity of 11.97% and a net margin of 5.54%. The business had revenue of $304.09 million during the quarter, compared to analysts’ expectations of $305.32 million. During the same quarter in the prior year, the business earned $0.15 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts expect that Progyny will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Cheryl Scott sold 1,462 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $28.39, for a total value of $41,506.18. Following the sale, the director now directly owns 10,098 shares in the company, valued at approximately $286,682.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Cheryl Scott sold 1,462 shares of Progyny stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $28.39, for a total transaction of $41,506.18. Following the completion of the transaction, the director now directly owns 10,098 shares in the company, valued at approximately $286,682.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total value of $270,900.00. Following the sale, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The disclosure for this sale can be found here. Company insiders own 12.30% of the company’s stock.

Institutional Trading of Progyny

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP boosted its stake in shares of Progyny by 1,900.0% during the 2nd quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after purchasing an additional 836 shares during the last quarter. TFC Financial Management Inc. acquired a new stake in Progyny during the first quarter worth approximately $42,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Progyny in the 2nd quarter worth approximately $44,000. Financial Management Professionals Inc. acquired a new position in Progyny in the 1st quarter valued at $52,000. Finally, Cambridge Trust Co. purchased a new position in shares of Progyny during the 1st quarter worth $95,000. Hedge funds and other institutional investors own 94.93% of the company’s stock.

Progyny Company Profile

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists.